Tsedev N. is 38 years old and lives with his wife and two children in their own ger (the traditional housing tent) in Hovd province, western Mongolia. He and his family have been living in Hovd for over three years.
Tsedev and his wife, Bertsetseg, manage a clothing trading business at the local market in their town. They started their business in 2007 and since then they have gained much progress with it. Their earnings have enabled them to buy a new container at the local market from which they sell the clothing.
For the future, Tsedev hopes to use his experience to operate his own clothing store. He wants to sell a wider variety of clothes to meet all of his customers needs. He is requesting a 3,500,000 MNT loan to purchase more clothes to sell at retail prices.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.